According to a study just published by Barclays Bank, the number of UK residents buying property abroad is set to double, and a third of potential property buyers named Spain as their preferred overseas destination.
According to the results of Barclay’s study, five percent of UK residents (2.2 million people) already own a property overseas, and another 2 million definitely intend to buy one. And a very high 37 percent of those surveyed for the study said they are considering the possibility of buying a property abroad at some time in the future.
Spain remains the firm favourite among British overseas property buyers, with the US coming second and France third.
Not surprisingly, the main things putting UK citizens off the idea of buying property abroad are legal and tax complications, the possibility of being misled or deceived by local property sellers, and the difficulty of adapting to a new language and culture.